Seaspan Inks USD 150 Mn Credit Facility

FinancingIllustration; Image Courtesy: Pixabay under CC 2.0 license

Hong Kong-based containership owner Seaspan Corporation has closed a USD 150 million revolving credit facility.

The two-year facility will be used to fund investments, acquisitions and for general corporate purposes, the company revealed.

 “The closing of our revolving credit facility is part of our continuous efforts to strengthen our capital structure and support our long-term growth strategy. We appreciate the strong partnership and unwavering commitment from our valued bank lenders,” Bing Chen, President and Chief Executive Officer of Seaspan, said.

The financing is being reported on the back of Seaspan Corporation’s additional USD 500 million equity investment commitment from affiliates of Fairfax Financial Holdings Limited, which brought its total investment in Seaspan to USD 1 billion.

Seaspan reported an almost 100 percent increase in first-half net earnings.

During the six months ended June 30, 2018, the company posted a net income of USD 135.7 million, compared to USD 68.3 million seen in the corresponding period a year earlier.

The results were boosted by additional operating days from the vessel deliveries and acquisitions of ships from the Greater China Intermodal Investments (GCI).

At the moment, Seaspan’s operating fleet consists of 112 containerships with a total capacity of more than 900,000 TEU.

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